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Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Revenues      
Total revenues $ 54 $ 319 $ 806,431
Operating costs and expenses      
Research and development 419,509 323,740 231,496
Acquired in-process research and development 70,000 0 0
Selling, general and administrative 126,206 103,218 77,616
Transaction costs 8,638 0 14,573
Total operating costs and expenses 624,353 426,958 323,685
(Loss) income from operations (624,299) (426,639) 482,746
Interest and other income (expense)      
Interest income 1,428 11,052 26,872
Interest expense (4,159) (4,523) (4,791)
Other (expense) income, net (3,272) 2,421 3,061
Gain from Longboard equity method investment 13,869 12,955 0
Total interest and other income, net 7,866 21,905 25,142
(Loss) income before income taxes (616,433) (404,734) 507,888
Income tax provision 0 0 (110,333)
Net (loss) income $ (616,433) $ (404,734) $ 397,555
Net (loss) income per share, basic:      
Net (loss) per share, basic (dollars per share) $ (10.14) $ (7.39) $ 7.99
Net (loss) per share, diluted (dollars per share) $ (10.14) $ (7.39) $ 7.69
Net (loss) income per share, diluted:      
Shares used in calculating net (loss) income per share, basic (in shares) 60,776,000 54,767,000 49,779,000
Shares used in calculating net (loss) income per share, diluted (in shares) 60,776,000 54,767,000 51,698,000
Comprehensive (Loss) Income:      
Net (loss) income $ (616,433) $ (404,734) $ 397,555
Foreign currency translation adjustment 188 161 (11)
Unrealized (loss) gain on available-for-sale investments (1,168) (764) 1,469
Comprehensive (loss) income (617,413) (405,337) 399,013
Collaboration and other revenue      
Revenues      
Total revenues 54 57 7,284
United Therapeutics revenue      
Revenues      
Total revenues 0 0 800,000
Royalty revenue      
Revenues      
Total revenues $ 0 $ 262 $ (853)